Spanish multinational pharmaceutical and chemical manufacturer Grifols (GRF) has received the approval of Xembify (20% concentrated subcutaneous immunoglobulin) by the FDA for the treatment of primary immunodeficiencies.
Morgan Stanley | As we indicated in our last real estate strategy report, this has been the worst sector in Europe in 2Q19 (oversold and with a relative performance of 3.5sd below its 12MA). This has been mainly motivated by concerns about the proposal to freeze rental prices in the city of Berlin (and its possible spread to other cities in the country) as well as the uncertainty regarding Brexit.
European Views | Accountancy giants KPMG are set to pay €44 million in fines to settle allegations by the U.S. Securities and Exchange Commission (SEC) that the audit firm, one of the so-called Big Four, inappropriately altered already-complete audits. KPMG is accused of illegally obtaining information that several of their clients were in line for investigation by an American non-profit in charge of overseeing the audits of public companies—and then subsequently doctoring records to conceal transgressions.
Santander Corporate & Investment | In 1Q19, MásMóvil (MAS) registered 140,000 new net subscribers in fixed broadband (compared to expectations of less than 100,000 for the entire market) and the trend in 2Q19 remains solid, considering fixed ports, suggesting no less of 100,000 net connections in 2Q19 and implies a risk of upward deviation for the scenario that we handle of 350,000 net connections in 2019E.
Low growth below the 2% threshold coupled with below-target inflation has led our macros to believe that the ECB is taking extra stimulus for granted. This would mean the return of the centra banks’ asset repurchase program, experts at Morgan Stanley point out..
Neil Dwane (Allianz) | As Europe faces a world that may soon encompass Brexit and widening trade tension between the EU, the US and China – as well as growing political strains centred around Iran, Russia, Ukraine, NATO, Nordstream II and climate change, the next EU President faces an even more complex yet pressing array of challenges.
International credit rating agencies have had their fair share of controversies over the years. They have been at the centre of the major financial crises from the financial markets collapse of New York City in the mid-1970s, the Asian financial crisis of 1997 – 1998, the Enron scandal of 2001, to the global financial crisis of 2008. All of these cost investors globally billions. Although this has been evident through various crises – most notably the financial meltdown in 2008 – regulatory mechanisms are yet to address this problem. And, despite these known weaknesses, rating agencies are still being referenced in key financial market decisions.
DWS | June was dominated by surprisingly dovish central banks, which lifted some equity markets to new highs and pushed some bond yields to new lows. But the joy is not untroubled.
Carsten Menke (Julius Baer) | While the extension of oil production cuts was confirmed at the last OPEC meeting, discord emerged between Saudi Arabia and Russia about whether even deeper production cuts would be needed. Oil prices came under pressure, reflecting renewed concerns about global growth. We see prices trading slightly below fundamentally justified levels.
European banks need, on average, to increase their minimum capital by 24.4% with the new requirements set by the Basel III standard, which currently represents a deficit of 135,100 million euros, the European Banking Authority (EBA) confirmed.